Extend, which claims to have reinvented the extended warranty process, has closed its Series B on $40m.
The round was led Meritech Capital, with participation also coming from PayPal Ventures and previous Extend backers Great Point Ventures and Shah Capital Partners.
Since it was founded in 2019, the FinTech has raised a total of $56m in equity.
The funding round will help Extend bolster its services, create new features and expand its software development and sales teams. This includes growing its team by 100 people by the end of 2021.
Alongside the funding announcement, the company revealed it has formed partnerships with with Peloton, iRobot, Harman / JBL, Advance Auto Parts, Traeger Grills, BlendJet, SoClean, 1More, August Home, Balsam Hill, NewAir, Evolve Skateboards and others.
Through these agreements, the merchants will be able to offer extended warranty to consumers.
Extend claims to has re-invented the customer experience around extended warranties and protection plans. It has done so through an end-to-end solution that educates consumers and guides then through warranty purchase.
It also streamlines the claims process by letting users easily file their claim and have it approved within seconds via the chatbot functionality.
Extend CEO and co-founder Woodrow Levin said, “Product protection plans can be a huge lifesaver for consumers and a powerful revenue generator for retailers. Extend is serving both of these groups by dramatically reducing integration overhead for merchants, and making extended warranties something that consumers can trust and rely on.
“This new funding will help us to continue Extend’s rapid growth with a keen focus on elevating the merchant and consumer experience, which will in turn drive brand loyalty as we build the leading modern extended warranty platform.”
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